The eBook titled - Conceptual Approach to Indian Central Excise provides a conceptual flow based approach to Indian Central Excise and will be useful for all, especially to students pursuing the CA,... More > CMA, CS, MBA and other post graduate and graduate courses in finance & accounting who are interested in learning about Central Excise. The uniqueness about this eBook is that it provides a conceptual approach, instead of a section based approach, along with a conceptual flow which makes reading and learning about Central Excise interesting, aids in understanding all the aspects of Central Excise easily and helps in achieving exceptional conceptual clarity.< Less

Section 4121 of the Internal Revenue Code imposes an excise tax on domestically produced coal. The tax does not apply to lignite. Lignite is defined in accordance with the standard specifications for... More > classification of coals by rank of the American Society for Testing and Materials (ASTM). The taxes collected on the sales of coal are deposited to the Black Lung Disability Trust Fund to finance payments of black lung benefits to afflicted miners. Producers of coal in the United States are liable for the tax upon the first sale or use of the coal. The producer is the person who has vested interest in the coal immediately after its severance from the ground without regard to the existence of any contractual arrangements for the sale or other disposition of the coal or the payment of any royalties between the producer and third parties. The tax is imposed at two rates, depending on whether the coal is from underground (deep) or surface mines.< Less

The air transportation taxes are collected excise taxes under section 4291 of the Code. The amounts collected are deposited into the Airport and Airway Trust Fund. The amounts deposited into the... More > trust fund are primarily used to improve and maintain the nation’s airport and air traffic control systems. In addition, taxes on aviation kerosene and aviation gasoline are transferred from the Highway Trust Fund to the Airport and Airway Trust Fund. Generally, a reduced rate of excise tax is imposed on fuel consumed in the aircraft while flying commercial aviation flights. For flights in noncommercial aviation, a higher rate of excise fuel tax is imposed on the gallons of fuel consumed in the flight. As discussed in this field guide, there are different types and rates of excise taxes imposed on air transportation. Therefore, it is important to determine what type of service is being provided by the air transporter. This determination is to be made on a flight-by-flight basis ...< Less

Internal Revenue Code § 4371 requires all of the following three elements for the foreign insurance excise tax to apply. They are:
1. A policy of insurance,
2. Insurance of a United States... More > risk, and
3. Policy issued by a foreign insurer or reinsurer.
Policy of Insurance - A policy of insurance may include a policy of reinsurance, an indemnity bond, or an annuity contract. Generally, a policy is the printed document issued by the insurer presented to the insured which contains the terms of the insurance contract. This document is sometimes referred to as a treaty. When the insurer transfers the same risks to another insurer, reinsurance has occurred and the second insurer is termed the reinsurer. Indemnity Bond - An indemnity bond is a contract under which the surety party promises to reimburse a third party, called the obligee, for losses it sustained as a result of the failure of the principal party, called the obligor, to perform under its contract with the obligee...< Less

Structured settlements have enjoyed widespread acceptance and have become an established part of our legal landscape over the past twenty-five years. More than $6 billion is now paid each year to... More > fund new structured settlements in the United States, and an estimated $100 billion or more has been paid in the aggregate to fund structured settlements that are in force today. Little controversy attended the development of structured settlements. Much controversy has accompanied the development of a secondary market, in which structured settlement “factoring” companies acquire from settlement recipients their rights to receive future payments. Since 1997, the controversy surrounding structured settlement factoring has led thirtyeight states to enact statutes that make transfers of payment rights under structured settlements ineffective unless those transfers receive advance court approval. Since 2002, the Internal Revenue Code (IRC) has reinforced the state statutes by imposing a 40 percent federal excise tax< Less

IRC section 4701(a) imposes a tax on the principal amount of a registered required obligation not in registered form issued by any United States person. The tax was implemented by the Tax Equity and... More > Fiscal Responsibility Act of 1982, P.L. 97-248, §310(b)(4)(A). It applies to most public offered debt obligations issued after 1982 unless they are issued in registered form. The tax does not apply to obligations issued in bearer form pursuant to warrants or convertible bonds before August 10, 1982 if they are under arrangements reasonably designed to ensure that they will be sold or resold only to foreign persons. The purpose of IRC section 4701, along with its companion IRC section 163(f), is to stop the issuance of bearer bonds to citizens and residents of the United States. While IRC section 4701 imposes an excise tax as a penalty to the issuer of the bearer bond, IRC section 163(f) disallows the deduction for the interest on the bearer bond. Since bearer bonds made it difficult...< Less

Ozone Depleting Chemicals Defined - Ozone depleting chemicals include Chlorofluorocarbons (CFCs) and Halons. CFCs are versatile, and are used as refrigerants, cleaners, solvents, sterilants, and... More > propellants in the manufacture of insulation, fast food cartons, and electronic items. They are organized compounds that are nontoxic, long-lived, and nonflammable. Halons are close cousins of CFCs that utilize bromine instead of chlorine in their chemical structure. Halons are used in fire extinguishers as they are safe, effective, and gentle to water sensitive materials. Ozone Depletion - The longevity and stability of CFCs allows them to persist in the atmosphere long enough to rise into the stratosphere 12 to 30 miles above the earth. In the stratosphere, they break down under solar radiation and release a free chlorine or bromine atom. The free atom joins with an ozone molecule, changes its structure, and destroys the ozone molecule. Effects of Ozone Depletion on Humans and on the Earth...< Less

When VAT is introduced in 1973, Nick Storey is worried about the potential for fraud – especially in the financial sector. After he gets a tip-off about fishy business in two VAT offices, an... More > undercover agent in one of them (City VAT Office) is murdered. Rosemary goes undercover in a merchant bank and identifies a corrupt VAT officer. But when Nick follows the man’s boss by accident, he discovers the frauds are to fund the Protestant side of the Northern Irish “Troubles”. After the boss is shot and the corrupt VAT officer vanishes, the trail to the leader of the fraud goes cold. But an unexpected opportunity arises to set a trap. Rosemary goes undercover in the City again and the leader is unmasked in the maze of back alleys in the City.
This is the third novel set in HM Customs & Excise by Richard Hernaman Allen a former Commissioner of Customs & Excise.< Less

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